Canberra, Nov 27: Australia’s grocery giant Woolworths is likely to target India’s billion-plus population as the nation plans to open the US500 dollars billion retail sector to foreign competition for the first time.
The decision will allow foreign retailers who sell multiple brands to own as much as 51 per cent of their Indian operations as long as they invest at least US100 million dollars in the venture, the Sydney Morning Herald reports.
Single-brand companies like Apple and Nike would be allowed to own 100 per cent of their operations, up from 51 per cent.
Meanwhile a Woolworths’ spokeswoman said that the company welcomes the Indian government’s decision, and it would continue to evaluate opportunities to increase their participation in ‘exciting market’.
‘”Woolworths welcomes the Indian government’s decision, which will open up opportunities for both international retailers and local retailers and suppliers, who will ultimately benefit from access to best-practice retail supply chain expertise,” the spokeswoman said.
Woolworths recently patched up its relationship with Indian conglomerate Tata Group, which threatened to end a five-year partnership that introduced Dick Smith-style electronic stores to the Indian market. (ANI)